Is that what the data looks like in a JMP data table? Is the column a character column or a numeric column? There are at least 3 different possibilities:
If the data is already characters, "1" and "0", then the substr() function should be able to grab the 5th character (assuming the leading "0" characters are present.) Test carefully; if you call the LSB bit 0 vs bit 1 changes the answer, and substr starts at 1, not 0.
If the value is a number, weirdly showing a base 10 number that looks like a base 2 number, (1) you might want to re-import it as character or (2) you might use mod(floor(RegRead/1000),2).
If the value is a number between 0 and 255, you might use mod(floor(RegRead/8),2). Divide by 8 shifts the bit pattern three places to the right, floor throws away the fraction, mod-2 is 1 for odd answers when the LSB is 1.
Another possibility might be numeric from -128 to 127 if the transfer somehow thinks the MSB is a sign bit.
Craige